In the end, those members decided to shrug off those concerns, since the program is nearing its end date.

"A few members remained uncertain about the benefits of the asset purchase program but, with the program nearly completed, judged that making changes to the program at this time was not appropriate," the minutes said.

Fed officials also extensively discussed how the central bank should eventually back away from its accommodative policies, once the economy shows more signs of strength.

The committee disagreed on the timing, with some thinking the Fed should start tightening by the end of the year, and others preferring to wait, saying that tightening too soon could "unnecessarily damp the ongoing economic recovery."

Overall, they generally agreed that raising interest rates is their preferred method of tightening monetary policy, when economic conditions should warrant such a move. But they also discussed the need to reduce the Fed's balance sheet by eventually selling some of its assets.

Meanwhile, Fed officials ruled out the possibility of a third round of asset purchases, or so-called QE3.